The price of Bitcoin (BTC) is in a sideways movement as the bears try to break below the crucial support. On May 23, the bears pushed the bitcoin price to the low of $28,863, while the bulls bought the dips.
UST, WAVES, KDA, MKR and HNT are the lowest performing cryptocurrencies this week. Altcoins failed to sustain their recent rallies as they are rejected at their respective resistance levels. The cryptocurrencies could fall further if the previous lows are breached.
The price of Cardano (ADA) is in a sideways trend after the bulls bought the dips on May 12. Last week, the downtrend eased after it fell to the low of $0.40. On May 12, ADA dipped into oversold territory in the market. This attracted buyers who emerged from the oversold area and pushed prices up to previous highs.
Since May 12, cryptocurrencies have managed to hold above their previous lows. Altcoins have made an upward correction as they tried to break through the next resistance levels. Breaking through the next resistance levels will set up a possible rally.
The price of Ripple (XRP) is in a sideways movement within a narrow range. Since May 12, the downtrend has eased as the altcoin has made an upward correction. The uptrend was completed at a high of $0.46.